SBP to enhance control to prevent circulation of misprinted banknotes
The State Bank of Pakistan (SBP) announced on Wednesday its
efforts to enhance internal controls to prevent the circulation of misprinted
banknotes.
This announcement follows the emergence of a video on social
media depicting Rs1,000 notes with printing errors issued by a branch of the
National Bank of Pakistan. Addressing this issue, the SBP stated that it is
reinforcing its internal controls to prevent such incidents from occurring in
the future.
State
Bank of Pakistan (SBP) sets parameters for banknote processing machines
In a statement, the SBP provided clarification and guidance
to the public regarding the handling of misprinted banknotes. It stated,
"Misprinted banknotes, whether received by the public or commercial banks,
can be exchanged for fit banknotes at any office of the State Bank of Pakistan,
Banking Services Corporation (SBP-BSC) across the country under the State Bank
of Pakistan (Note Refund) Regulations, 1963."
Acknowledging that production processes of such magnitude
are susceptible to imperfections, the central bank emphasized that despite
rigorous quality checks, there remains a possibility of misprinted banknotes
entering circulation.
Pakistan
holds Rs30.96 trillion in circulation, higher than India and Bangladesh
The SBP highlighted the robust quality control system in
place at its printworks, particularly the Pakistan Security Printing
Corporation (PSPC), aimed at segregating and preventing the circulation of
misprinted banknotes.
Source: The News